| Continued growth in the Indian insurance industry | | | | health insurance also as there is an increase in |
| promises great employment opportunities for the | | | | demand from the private players in the sector. |
| students of actuarial science in the industry. Actuarial | | | | Moreover, the low rate of success in the final stages |
| Science is the discipline that applies mathematical and | | | | of the exam conducted by IAI (Institute of Actuaries of |
| statistical methods to assess risk in the insurance and | | | | India) has further decreased the chances of these |
| finance industries. It involves a number of interrelated | | | | aspirants to join the league. Besides this exam, you |
| subjects, including finance, probability and statistics, and | | | | need to be a fellow of IAI and possess a certificate of |
| economics. Qualified actuaries provide commercial, | | | | practice issued by this institute. |
| financial, and prudential advice particularly when | | | | Aspirants of IAI can be considered as a student |
| long-term management and planning are critical factors | | | | member if they score at least 85 percent marks in |
| for the concerned organization. | | | | mathematics / statistics and are recommended by |
| Considerably, there is more demand for qualified | | | | two fellow members of the society. With the medium |
| actuaries in general insurance than in health insurance | | | | of instruction in English at 10+2 level, graduation or post |
| segment. Actuarial techniques are powerful tools | | | | graduation in relevant subjects such as mathematics, |
| required to manage and regulate the functioning of any | | | | economics, and statistics as well as students with a |
| general insurance company. IRDA (Insurance | | | | degree in engineering or MBA (finance) can also apply. |
| Regulatory and Development Authority) has | | | | BPOs and management consultancy firms also hire |
| acknowledged the role of an 'appointed actuary' in | | | | the services of actuaries. Typically, actuaries work in |
| general insurance companies with his services being | | | | the fields of finance, general insurance, life insurance, |
| utilized in Pricing, Claim Reserving, Reinsurance, and | | | | investment and risk management, and pension and |
| Investment. | | | | social security. |
| Though shortage of actuaries has been felt in the | | | | |